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Gold Standard Credits Recognised in Chile's Carbon Tax Scheme

Agustín de Vicente / January 30, 2024 | 09:39
Chilean companies can now use Gold Standard-certified carbon credits to mitigate their carbon emissions and towards their tax obligations, marking a significant step in the nation's commitment to promoting emission reduction projects in Chile.

The Chilean Ministry of Environment has announced that it recognises Gold Standard under its national carbon tax, given its long track record and global recognition, wide application in Chile, and numerous projects existing on its territory. This means Gold Standard credits generated from projects located in Chile, by following an abbreviated certification process at the national level, would be able to be used to mitigate carbon emissions within the framework of the carbon tax in Chile.

Margaret Kim, CEO of Gold Standard, said:

"This recognition from the Government of Chile is a testament to our ongoing efforts to foster high-quality carbon finance. It is an example of how nations can integrate independent carbon credit programs into their national strategies to combat climate change. By recognising Gold Standard credits Chilean companies will be able to fulfil their carbon tax obligations by buying impactful credits that deliver verified sustainable development impact alongside climate mitigation."

By purchasing Gold Standard credits companies can be sure they are delivering quantifiable, verified contributions to the Sustainable Development Goals, ensuring real and measurable impacts in the locations where projects are implemented. The eligibility criteria will be detailed by the Chilean government soon. The recognition highlights the importance of stringent processes for managing the information transfer regarding the retirement and application of credits between the Gold Standard registry and Chile's national registry.

This announcement marks the fourth time that Gold Standard credits have been recognised under national carbon tax systems, following similar recognition from Singapore, Colombia, and South Africa.

Further guidance for Chilean companies intending to acquire Gold Standard credits or register their emission reduction projects, along with additional details on the implementation of this agreement, will be provided by Gold Standard in due course.

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